Jefferies boosted its price target on Buy-rated Solazyme (NASDAQ: SZYM) from $22 to $23 following Q3 EPS that beat by 6 cents.

The firm comments, "The current projects remain on track, but the real milestones were Bunge expanding its plans even before Moema starts, a new agreement with ADM, another tailored food oil and a test marketing program for Soladiesel. The focus now shifts to winning downstream partnerships."

Q4 EPS goes down from ($0.35) to ($0.40).

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